6th Feb 2023 14:06
Union Jack Oil PLC - Bath, England-based oil and gas company - Notes landmark revenue of USD13.0 million from the Wressle hydrocarbon development, since the re-commencement of production on August 19, 2021. Wressle is located within licences PEDL180 and PEDL182 in North Lincolnshire, England on the western margin of the Humber Basin. The well continues to produce under natural flow with zero water cut, with site upgrades including installation of microturbines and associated equipment ongoing.
Executive Chair David Bramhill says: "Revenues from Wressle continue to bolster the company's balance sheet. Since the last production update, another impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 remains positive."
Current stock price: 27.94 pence
12-month change: up 96%
By Sophie Rose; Alliance News reporter
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